Major US Financials Cracking: CDS Rerack

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Wed, 11/23/2011 - 15:23 | 1907811 GeneMarchbanks
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They're all hedged, it's cool.

MS especially. Also JPM is fine... bought CDS on itself just like GS.

Wed, 11/23/2011 - 15:23 | 1907833 johngaltfla
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LOL! Hedged with what? Greek CDS?

Wed, 11/23/2011 - 15:31 | 1907869 Dr. Richard Head
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Hedged with Collateralized Bernanke Beard Trimmings I believe. 

Wed, 11/23/2011 - 16:13 | 1908076 Hard1
Hard1's picture

Bought CDS on themselves!!!ROFL!!!....brilliant, now they cannot even go bankrutpt without collecting a windfall to pay the last goodbye bonuses.

Wed, 11/23/2011 - 21:10 | 1909042 unununium
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The truth -- that they bought CDS on each other from each other -- is only slightly less ridiculous.

Wed, 11/23/2011 - 21:17 | 1909062 Buck Johnson
Buck Johnson's picture

No way my good man, no way.  They are hedged with Italian bonds which they insured with Spanish bonds which are backed by Harrisburg Pennsylvania municipality bonds with CDS.  Everything is safe and secure.

Wed, 11/23/2011 - 15:27 | 1907849 curbyourrisk
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To bad they were hedged through MF Global.

Wed, 11/23/2011 - 16:46 | 1908244 SHEEPFUKKER
SHEEPFUKKER's picture

8-ball, corner pocket. 

Wed, 11/23/2011 - 23:42 | 1909361 covert
covert's picture

hedged? it always is until default.

http://expose2.wordpress.com

 

Wed, 11/23/2011 - 15:21 | 1907814 hedgeless_horseman
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But Dr. Bernanke just order more stress tests.  If we can't rely on the therapeutic value of diagnostics, then what can we rely on?

Wed, 11/23/2011 - 15:22 | 1907825 GeneMarchbanks
GeneMarchbanks's picture

Mark-to-hallucination?

Wed, 11/23/2011 - 15:25 | 1907839 hedgeless_horseman
hedgeless_horseman's picture

 

 

Unfortunately, this shit is all to real.  Mark it zero, Dude.

Wed, 11/23/2011 - 15:44 | 1907922 iDealMeat
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Mark-to-Masturbation.  It's all a big circle jerk after all..

Wed, 11/23/2011 - 15:24 | 1907836 Amish Hacker
Amish Hacker's picture

The cleansing power of a full system reset?

Wed, 11/23/2011 - 15:29 | 1907854 hedgeless_horseman
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Just lie on your left side, Uncle Sam.

Wed, 11/23/2011 - 15:30 | 1907861 mayhem_korner
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Elbows on the table, Mr. Dimon...

Wed, 11/23/2011 - 15:43 | 1907916 fuu
fuu's picture

"Moooon Riiiiiiveeeeeeeer"

Wed, 11/23/2011 - 15:48 | 1907953 Papasmurf
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Both barrels!

Wed, 11/23/2011 - 16:33 | 1908183 Jena
Jena's picture

Ice water?!?  Cold in more ways than one...

Wed, 11/23/2011 - 15:22 | 1907823 Cult_of_Reason
Wed, 11/23/2011 - 15:45 | 1907935 Crack-up Boom
Crack-up Boom's picture

Thanks for the link!

Wed, 11/23/2011 - 15:24 | 1907834 BennyBoy
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They are passing the FED stress test with flying colors.

Just look at their high scores in the above charts!

Wed, 11/23/2011 - 15:24 | 1907835 BW
BW's picture

If they blow up they make money.

Wed, 11/23/2011 - 15:32 | 1907876 mayhem_korner
mayhem_korner's picture

 

 

Is it incest if these guys all underwrite each others CDS's? 

No one expects to get paid on these things in the imaginary event of default, right?

Wed, 11/23/2011 - 15:26 | 1907845 Dick Darlington
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Goldman is 160bps wider since the start of November!

Maaaaaa! Meatloaf and beer! Now! It's party time!

Wed, 11/23/2011 - 15:29 | 1907858 mayhem_korner
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It's beginning to look a lot like 2008, everywhere I go...

Wed, 11/23/2011 - 15:31 | 1907867 dcb
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14:30 weds pre thanks giving. we just hit my taget reentry point using speed lines

Wed, 11/23/2011 - 15:36 | 1907889 mayhem_korner
mayhem_korner's picture

my taget reentry point

 

A bit too Bawnie Fwank-ish sounding.  Just sayin'...

Wed, 11/23/2011 - 15:46 | 1907941 DogRockets
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Eat my shorts, a-hole. 

Wed, 11/23/2011 - 16:18 | 1907871 HD
HD's picture

No bailout. Nationalize them for two years, then break them up into a half a dozen not TBTF banks.

Wed, 11/23/2011 - 15:32 | 1907873 The Axe
The Axe's picture

I don't believe the volume, to me it feels like shorts pressing.... So...in my humble opinion ....I nice buying opportunity.. market feels washed out.....just bot 10000 C  

Wed, 11/23/2011 - 15:41 | 1907890 hedgeless_horseman
hedgeless_horseman's picture

 

 

...to me it feels like shorts pressing...

...just bot 10000 C

Feelings, nothing more than feelings,
Trying to forget my feelings of Bove.
Teardrops rolling down on my face,
Trying to forget my feelings of Bove.

Feelings, for all my life I'll feel it.
I wish I've never met you, Dick; I'll never be long again.

http://www.cnbc.com/id/42937720/Citigroup_Can_Triple_by_2013_Dick_Bove

Wed, 11/23/2011 - 15:47 | 1907949 The Axe
The Axe's picture

Now now boys....life is a gamble....  I hope to reap some rewards....Just my thoughts.... and my money....

Wed, 11/23/2011 - 15:52 | 1907973 scatterbrains
scatterbrains's picture

It does feel like one of those inflection points.. would prefer to see C dip below the recent low intraday, then close higher while its RSI is all coiled up bullishly.  Also I noticed TLT is not being supported by RSI up here and suggests it's time to head lower.

Wed, 11/23/2011 - 15:59 | 1908012 GeneMarchbanks
GeneMarchbanks's picture

Axe & sb,

I commend your brave risk taking. I also commend your admitting it here on ZH. You're both brave. Or deranged. Best of luck.

Wed, 11/23/2011 - 16:46 | 1908248 hedgeless_horseman
hedgeless_horseman's picture

 

 

May 6, 2011 when BAC at $12.31

 "I don't see any reason why Bank of America is not going to double from the current price," Bove says.

Down -53% to date to $5.18  Missed it by that much.

Wed, 11/23/2011 - 15:40 | 1907903 GeneMarchbanks
GeneMarchbanks's picture

'just bot 10000 C'

I hope you're joking or you don't know what you're saying... for your sake.

Wed, 11/23/2011 - 15:37 | 1907892 lolmao500
lolmao500's picture

Die goldman, DIE MOTHERFUCKING DIE.

Wed, 11/23/2011 - 15:48 | 1907958 MFL8240
MFL8240's picture

Can you think of anything we can do to help implode GS and JPM?  I'm in.

Wed, 11/23/2011 - 18:03 | 1908596 Dingleberry
Dingleberry's picture

A-FUCKING-MEN!!!!!!!!!!!!!!!!!!!!

Wed, 11/23/2011 - 15:39 | 1907899 gatorengineer
gatorengineer's picture

The Squid is sick, should we take it to a vet?

Wed, 11/23/2011 - 15:41 | 1907907 GeneMarchbanks
GeneMarchbanks's picture

Deep fryer methinks.

Wed, 11/23/2011 - 15:53 | 1907978 mayhem_korner
mayhem_korner's picture

 

 

I like to imagine Chief Brody tossing Goldman chum off the back of the Orca.  :D

Wed, 11/23/2011 - 15:42 | 1907905 slaughterer
slaughterer's picture

Omitted by author  

Wed, 11/23/2011 - 15:41 | 1907911 slaughterer
slaughterer's picture

TBTF is now ready to die.  

Wed, 11/23/2011 - 15:42 | 1907912 holmes
holmes's picture

This just in from Dicked Bove:

You people are morons; buy B of A.

 

Wed, 11/23/2011 - 15:44 | 1907925 slaughterer
slaughterer's picture

And yet, no climax panic-selling in the equities of TBTF.  Just a slow, steady erosion.  

Wed, 11/23/2011 - 15:50 | 1907965 mayhem_korner
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Major awareness gap.  You've got CNBC reporting that Gold is tracking equities (guess they missed that one's up 20% for 2011 and the other is flat to down).  Truth and information still separated by a huge chasm. 

Wed, 11/23/2011 - 15:55 | 1907980 GeneMarchbanks
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